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Wednesday, 2 April 2014

Travel Insurance: Do you Need it Anyway? by Dyman Associates Group of Companies Insurance Products

After a winter filled with
cancellations and delays helped to drive travelers to buy more insurance, the
question remains: Is it worth the potentially high extra cost?

For heavy travelers, this past winter was
anything but a fun one. Delays and cancellations were common across the
country, due in part to an unpredictable Mother Nature.

It was also costly, with an
estimated $5.3 billion in lost productivity and out-of-pocket costs from
December 1, 2013, to February 28, 2014, according to a MasFlight study from
March.

According to Skift, those
interruptions apparently led many travelers to buy insurance from companies
such as Allianz Travel Insurance, which reported a 25 percent increase in
consumer sales so far in 2014.

“A significant portion of that rise
can be attributed to consumers’ increased awareness of the need to purchase
travel insurance during severe weather,” Allianz’s Daniel Durazo told Skift.

But whatever the reason, is buying
travel insurance worth it? Some considerations:

The price tag: According to the
Insurance Information Institute, trip-cancellation insurance adds 5 percent to
7 percent to the cost of a trip, but it covers you in case factors outside of
your control cause complications. There are less expensive options, such as
waivers, but they offer travelers far more limited wiggle room.

What if you get sick? If you’re
traveling, there’s always a chance you might face some sort of illness—and a
form of travel health insurance might come in handy. The Centers for Disease
Control and Prevention notes the policies don’t cost too much and, depending on
where you’re going, could be a big help. “Domestic insurance policies may not
cover medical evacuation from a resource-poor area to a hospital where
definitive care can be obtained, which can cost more than $100,000,” the CDC
writes on its website. “Frequent travelers may want to consider purchasing
annual policies or even policies that will provide coverage for repatriation to
one’s home country.”

Other kinds of coverage: MSN Money
notes that other kinds of insurance may be less valuable, depending on your
situation. For example, baggage protection—which costs about 5 percent of the
price of the items you’re protecting for a year of coverage—might be important
if you’re carrying valuables. However, if you’re carrying less than $3,400
worth of stuff, it may not be necessary. U.S. law requires airlines to insure
lost baggage up to that amount for domestic flights, though if you’re going
overseas, additional coverage is available. And while accidental death and
dismemberment coverage is available, you probably don’t need it if you have
life insurance.